HARRISBURG, Pa. (WHTM) — Two Lancaster County farms will receive $1.15 million in tax-exempt, low-interested financing through the Next Generation Farmer Loan Program.
Governor Tom Wolf announced the awards on Monday, April 4. The program gives beginning farmers access to affordable capital to purchase farmland or agricultural equipment, lowering interest rates and boosting farm profits through a unique state-federal-private industry partnership.
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The two farmer operations receiving the awards include:
- John L. and Sadie K. King, of East Drumore Township, Lancaster County — $575,000 to finance the purchase of a 12-acre farm and buildings to expand their produce business. The Kings have been raising produce on a small farm and selling to local farm markets for seven years
- Ashton and Lorielle Weaver of Fulton Township, Lancaster County — $558,000 to help finance the purchase of a poultry and crop farm from Ashton’s parents. The couple has operated poultry houses on the property for the past year
Loans are approved by the PA Department of Agriculture in partnership with the PA Department of Community and Economic Development and local industrial development authorities.
“Pennsylvania leads the U.S. in young producers and Lancaster County alone is number one nationwide,” Agriculture Secretary Russell Redding said. “We lead for a reason. And a big part of that reason is the investments we have made in the past seven years in improving access to capital and planning resources, along with grant funding and support to lower regulatory burdens, bridge opportunity gaps, and finance growth.”
To learn more about the funding and other agriculture business in Pennsylvania, click here.